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Hal's Place Night Club maintains an imprest petty cash fund of S200, which is under the control of Sandra Morgan. At March 31, the fund
Hal's Place Night Club maintains an imprest petty cash fund of S200, which is under the control of Sandra Morgan. At March 31, the fund holds $19 cash and petty cash tickets for office supplies, $166, and delivery expense, $20. Read the requirements. Requirement 1. Complete the following to explain how an imprest petty cash system works. 'I is the nature of an imprest system. The imprest system requires that. ,the petty cash box contains ?1. and it is the system's main internal control feature. Maintaining the Petty Cash account at its .This clearty identifies the Requirement 2. Journalize the establishment of the petty cash fund on March 1 and the replenishment of the fund on March 31. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Begin by joumalizing the establishment of the petty cash fund on March1 Date Accounts and Explanation Debit Credit Mar. 1 Now journalize the replenishment of the fund on March 31. (Prepare a single compound journal entry. Date Accounts and Explanation Debit Credit Mar. 31
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